September 2018 Investor Letter
This month I discuss stock market valuations particularly in the US and highlight some technical signs that suggest the equity bull market is running out of steam. Amazon for example has now outrun one of the market leaders of the dotcom mania, as the vertical ascent of its share price continues. While US equities remain in a bull trend, European and emerging market equities are lagging badly. Something has to give. In fixed income, as the US yield curve is close to inverting, I note that both fixed interest and inflation-linked bonds are set to rally once more. Meanwhile in precious metals, speculator and smart-money commercial trader positioning have reached extremes not seen since the bull market began in 2001. Gold and silver are preparing to launch. Click here to view the September 2018 Investor Letter.
Chart of the Day
The Active Asset Allocator investment strategy is designed to deliver a consistent level of positive returns over time with a strong focus on capital preservation. I follow a multi-asset investment approach, actively allocating between global equities, bonds, precious metals, currencies and cash. I always invest with the primary trend of the market and do not follow a benchmark. Instead, I manage the market risk for clients. My strategy has returned +10% per annum net of fees since inception. My active asset allocation approach is best illustrated in the following chart.
Technical Trend Indicator Performance History
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